How Important is Long-Term Care Insurance for Retirees?
Those who are about to retire know and worry about the fact that at some point, they will need medical care, probably for an extended period. This could be in the form of home-based care or being cared for at a medical center, but either way, the expenses associated with medical and health care are enormous.
Ideally, you will need to start planning how to take care of these future costs while you’re still young, healthy and earning a regular income.
Here are some facts about long term care that anybody who is planning their retirement, or about to retire, needs to take into consideration:
- 7 out of 10 individuals who are above the age of 65 will, at some point during their lifetime, need long term care.
- In the case of a married couple, the odds increase to 9 out of 10 that one of them will need long term care eventually.
Recent News
A Social Experiment | What Are The Chances?
The potential need for long term care is a topic most people would rather avoid. But not talking about it doesn’t make the issue go away. It only delays planning and leads to potential confusion and financial impact for not just those who may need care, but their family and friends. The reality is that … Continue reading "A Social Experiment | What Are The Chances?"
November Is Long-Term Care Awareness Month!
Have you planned ahead to secure your financial future? In today’s world, home is more important than ever. It’s the one place we all feel safe and secure. November is National Long-Term Care Awareness Month, an event recognized by Congress and a number of states, designated to educate Americans on the growing need for long-term … Continue reading "November Is Long-Term Care Awareness Month!"
Another Inflation Stress: Rising Costs of Senior-Living Homes Strain Families
Inflation is fueling cost increases at nursing homes and assisted-living and independent-living facilities, which is tough for seniors on fixed incomes Eldercare facilities are raising prices and adding new fees, straining older Americans and their families who step in to help. Dan Gallo recently received a letter saying a new inflation-related daily fee of $25 … Continue reading "Another Inflation Stress: Rising Costs of Senior-Living Homes Strain Families"
Updated: NAIC Shopper’s Guide to Long-Term Care
The National Association of Insurance Commissioners (NAIC) has updated their consumer publication, A Shopper’s Guide to Long-Term Care Insurance. The NAIC wrote this Shopper’s Guide to help you understand long-term care and the insurance options that can help you pay for long-term care services. The decision to buy long-term care insurance is very important. You … Continue reading "Updated: NAIC Shopper’s Guide to Long-Term Care"